Bengaluru-based investment banking and PE advisory firm, Mape Advisory Group is looking to invest Rs 30 crore in NetMeds Marketplace Pvt. Ltd., which plans to launch an online pharma venture under NetMeds.com. Mape is co-investing with its founder Pradeep Dhada putting in Rs 30 crore, with a commitment to increase it to Rs 60 crore.
NetMeds plans to live its website later this month and currently offers an option for users to sign up. The site will sell prescription and over the counter (OTC) drugs, supplying over 15,000 stock keeping units (SKUs) across India from its warehouse in Chennai.
Mape Advisory Group focuses on private equity funds, M&A deals, and financial & strategic advisory services to public and private companies.
Recently, Gurgaon-based online health store Healthkart.com separated its generic drug search business HealthkartPlus and rebranded it to 1MG, and also raised $6 million in a fresh round of funding from MakeMyTrip Founder Deep Kalra and other investors such as Sequoia Capital, Omidyar Network, Intel Capital and Kae capital. While there are a very few players in this space, the competition still appears to be high, offline pharma chain Religare Wellness too went online last year to tap into this sector.